Herb Kohl is getting about half a billion for the Milwaukee Bucks, and the longtime owner is donating $100 million of it to build the team a desperately-needed new gym. From the press release:

Herb Kohl, Milwaukee Bucks President and Owner, today announced that he has entered into a signed purchase agreement to transfer ownership of the Bucks to Wesley Edens and Marc Lasry. Mr. Edens and Mr. Lasry are highly regarded investors who are firmly committed to the success of the franchise and its importance to Milwaukee.

Furthermore, consistent with his commitment to the Bucks and Milwaukee, Senator Kohl has pledged a $100 million gift for the development of a new arena for the team. In addition to honoring Kohl’s requirement that the team be kept in Milwaukee, the new owners have committed to contribute at least an additional $100 million towards the development of a new arena in the city.

“My priority has always been and will continue to be keeping the Bucks in Milwaukee,” said Kohl. “This announcement reinforces that Milwaukee is and will continue to be the home of the Bucks. Wes and Marc agree, and they share my commitment to the long-term success of this franchise in Milwaukee.”

Messrs. Edens and Lasry jointly stated: “We would like to thank Senator Kohl and his team for their support and cooperation throughout the purchase process. The Senator has provided the Bucks with nearly 30 years of dedicated stewardship, and we are very excited to join Bucks fans, the city of Milwaukee and the NBA to build the long-term success of this franchise. Having attended various sporting events in Milwaukee and Green Bay over the years, it is easy to see why the greater-Milwaukee area is such a storied sports atmosphere.

“We are lifelong basketball fans who are committed to the success of the Bucks and the identity of the team as a part of the city of Milwaukee. It is our vision for this franchise to be admired both locally and nationally for its success on the court, the quality of its organization and the loyalty of its fan base. Having each built competitive teams in the business world, we will apply that same intensity and determination as owners of the Milwaukee Bucks. We are as passionate and energized as Bucks fans are about bringing home an NBA championship to Milwaukee.”

Under the terms of the agreement Edens and Lasry have agreed to buy the team for a total purchase price of approximately $550 million.

The parties will proceed to closing following review and approval by the NBA Board of Governors.